Legal update: Looking at your succession options

Published: Monday 15 November 2021

Start early

Succession planning starts the moment you become an owner. It does not start the moment you decide that you want to sell. By starting early you maximise your opportunities in terms of options both internally and externally.

Understand the perception of value

Value means different things to different people. Understanding what you want from the deal is key whether it is goodwill, avoiding run off cover, getting work-in-progress paid, securing income for a period of time post sale, or working as part of a bigger organisation to unlock greater value in the long term.

Get your business in "ship-shape"

The perception of value can often be chipped if a business is not in a good shape. This means dealing with dilapidation issues, bad debt problems, old work-in-progress etc. Buyers are attracted to well run business that are profitable but also have the opportunity to increase profitability in the future. This also makes the whole due diligence process a lot easier for all parties

Key contacts

Jon Cartwright
Jon Cartwright
Partner
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Patricia Kinahan
Patricia Kinahan
Partner
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Andy Harris
Andy Harris
Partner
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Jack Hayman
Jack Hayman
Legal Senior Manager
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